Belt and Road Initiative of China (BRI) is getting bigger & stronger?
The dream project of China that is Belt and Road Initiative (BRI) through which China wants to dominate over the world the BRI, which is consist of more than 10 projects of every sector like train, hydropower energy, thermal energy, etc. Which is also considered as the Modern Silk Route of 21st century in which China will combine so many ports and countries. The Belt and Road Initiative (BRI) consist more than 100 countries from Asia, Africa, and Europe.
This project was launched during Afghanistan and Kazakhstan visit of China’s president XI Jinping on 2013, Belt and Road Initiative (BRI) project has mainly two components Silk Road Economic Belt and Marine Time Silk Route initially it was called ‘One Belt One Road Initiative’ but eventually it was rename as Belt and Road Initiative.
The council on foreign relations has highlighted that through Belt and Road Initiative China has been trying to expand the influence of Chinese Currency ‘Renminbi’. Insofar nearly 140 countries have sign on China’s Belt and Road Initiative project agreement or have expressed interest.
One of the most important project of Belt and Road Initiative was China-Pakistan Economic Corridor (CPEC), which is the largest project under the Belt and Road Initiative, the budget of (CPEC) is around 60 billion dollar.
The expected cost of Belt and Road Initiative is around 1 trillion dollar but its actual expenditure will not be ascertained.
China reportedly has spent more than 210 billion dollars insofar and the majority of its has been spent in funding project with Asia.
The Chinese companies have secured construction contacts of 340 billion dollar under the Belt and Road Initiative.
Morgan Stanley has estimated the total expenditure under the Belt and Road Initiative has reached around 1.2 to 1.3 trillion dollar.
CPEC is a flagship project of (B R I) which can bring socio-economic benefits in the region from Afghanistan, Iran, India to still there are total 16 projects under the CPEC.
The total number of projects under (B R I) is more than 2,900. Some of these projects have already started.
‘The Guardian’ reported in 2018 that largely due to non repayment of loans China has leased in the Hamanbantota port from Sri Lankan Government for 99 years period.
‘The Centre for Global’ have reported the development has found its assessment that it countries are on the verge of the fault of their loans under the (B R I).
Analysts believe that China has been pursuing a ‘debt trap’ diplomacy to gain the strategic advantage especially with poor affected Nations from ‘debt trap’ diplomacy are the Djibouti, Kyrgyztan, Laos, Kazakhstan, Maldives, Mongolia, Pakistan, etc.
With increasing expansion of the (B R I) project the danger of economic imperialism of China is also growing.
Jane Golley of Australian National University believes that the world is frightened with China’s this grand initiative.
Jonathan Hillman stated that there is also a responsible fear among the countries that growing economic presence of China may give birth to her military presence as along with goods there is a suspicion of caring troops as well.
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